{"id":818,"date":"2017-02-16T22:30:14","date_gmt":"2017-02-16T22:30:14","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/6-costliest-mistakes-sellers-make-pricing-their-home\/"},"modified":"2017-02-16T22:30:14","modified_gmt":"2017-02-16T22:30:14","slug":"6-costliest-mistakes-sellers-make-pricing-their-home","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/6-costliest-mistakes-sellers-make-pricing-their-home\/","title":{"rendered":"6 Costliest Mistakes Sellers Make Pricing Their Home"},"content":{"rendered":"

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Pricing your home to sell does not have to be a complex process when you have a plan of action and great information at your fingertips.\u00a0 After 21 years and over 2,200 homes sold, I can honestly say, the well informed, prepared seller will get the most money for his\/her home in the shortest period of time.\t\t\n\t\t<\/p>\n

GET YOUR INSTANT HOME VALUE HERE<\/span><\/strong><\/p>\n

Over the past 20 years, I have listened, watched and gone through thousands of real estate<\/a> transactions and have noticed a commonality among sellers who failed at selling their home, lost money or had their home sit on the market for way too long.\u00a0 The failure was due to the fact their home was priced wrong.<\/p>\n

Here are the 6 costliest mistakes you can make when pricing your home for sale.<\/h4>\n

\"PricingLeaving Room to Negotiate<\/h3>\n

Pricing your home for sale should not take into consideration, bumping the price way up and knowing that you will come down if you get an offer<\/a>.\u00a0 When a buyer or a buyer\u2019s Realtor<\/a> searches homes for sale<\/a>, they normally search by price blocks.\u00a0For instance, if I have a buyer that wants to spend $300,000 for a home, I will search homes priced between $250,000-$315,000.\u00a0 I won\u2019t go way up in price thinking that the seller will come down.<\/p>\n

See the Article: What are Seller’s Closing Costs<\/span><\/strong><\/p>\n

If your list price is too high, you may miss a segment of buyers and squander your early days on the market. The first two weeks your home is on the market will be the busiest. That is when the agents that work your area will show your property.\u00a0 If your home is overpriced, they will only be there once.<\/p>\n

\"PricingOver Value Repairs<\/h3>\n

Preparing your home to sell means bringing it up to marketable conditions. Required repairs, like a new air conditioner, new carpet, or a new roof will not make the value of your home go up significantly.\u00a0 Although the repairs can be costly, these items are supposed to be in the house. If you live in south Florida\u00a0like I do, air conditioning<\/a> in July is not a luxury, it is expected.\u00a0 Your home will more than likely sell faster because of these repairs, but you should not expect to get 100% of your investment back.<\/p>\n

Pricing Your Home Based Upon Your Monetary Need<\/h3>\n

Pricing your home to get it sold should be based upon facts, most importantly what similar properties recently sold for in your area.\u00a0 Many times home sellers base their price on what they need to get out of the home to move onto the next.\u00a0 There should be no correlation between your homes’ value and what you financially need. Having a net sheet prepared for you will help determine how much money you can anticipate. I always run several different offer scenarios so that sellers have the opportunity to look at their bottom line based upon different sales prices. Unpleasant surprises are not fun, especially when it comes to money.<\/p>\n

\"PricingHiring the Wrong Agent<\/h3>\n

What does hiring the real estate<\/a> agent have to do with pricing your home to get it sold?\u00a0 To answer in two words, a lot.\u00a0 Some agents will tell you what you want to hear just to get your listing<\/a>.\u00a0 A good agent will show you the recent sold comparables as well as what has recently gone under contract (pending sale). Pending properties are like a snapshot of current market conditions.\u00a0 Pricing your home should take into consideration pending properties, days on market and similarities to your home.\u00a0 An open and honest discussion on pricing prepares you for offers. A good agent will\u00a0show<\/strong>\u00a0you not tell you about pricing your home. Don\u2019t let your home become shelf old and sit on the market without any offers.<\/p>\n

Not Being Objective<\/h3>\n

This is a big financial transaction for you and you probably have quite a bit of money at stake.\u00a0 It\u2019s easy to let your emotions get the best of you. But take your seller hat off and look at your home how a buyer would see it.\u00a0 According to the National Association of Realtors<\/a>, over 80% of buyers shop online before they even contact a Realtor. \u00a0Buyers have seen your competition and have also looked at recent home sales. They have a good idea of what your home should sell for. If you price your home too high, they won\u2019t even look at it. Don\u2019t let your fear guide you into listing your home<\/a> at a price the majority of buyers would not pay.<\/p>\n

\"HowRefuse to Make Market Adjustments<\/h3>\n

One of the biggest mistakes a seller can make is keeping the initial price despite feedback.<\/p>\n

The market is in constant flux. Like the stock market, what was hot yesterday may not be today. Listen to the feedback your agent is giving you and either consider changing the price or fixing the issue. Feedback from showings should mean something.\u00a0 Or, if you have had more than 10 showings on your home and nobody has made an offer you may want to consider reevaluating your list price. Sometimes no feedback Is worse.<\/p>\n

Not being receptive to price changes may send a bad impression. Having a property on the market longer than the average sends a message that either there is something wrong with the house or you may be difficult to work with.\u00a0 Either one may not be the case but that is not what the real estate community is thinking.<\/p>\n

Pricing your home to sell should take into consideration valuable repairs as well as your how your competition looks in regards to condition. Evaluating recently sold properties, similar homes just going under contract and working with a knowledgeable real estate agent<\/a> can help you come up with the right price when selling your home<\/a>.<\/p>\n

Speculating the market may mean gambling with your home\u2019s value. Interest rate changes\u00a0or a large job loss in your area can have a negative impact on your home value. Chasing a declining market is a bad place to be. You can avoid it by pricing your home right the first time. \u00a0Don\u2019t make the mistakes many sellers have made and lose out on precious marketing time that may cost you thousands of dollars.<\/p>\n

Get Your Home Value Instantly Here<\/span><\/strong><\/p>\n<\/p><\/div>\n

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